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part of some last-second deal. hit the defense department. but the pentagon's real problem is not those cuts, but the ones that are going to be coming over the next decade. we talked to military contractors, top officials at the pentagon. they see a long period of downward decline. that after the war in afghanistan, there's going to be a period of austerity. they're calling it -- they have a term around the pentagon, a very graphic self-amputation as they cut back over the years. and this was one of the reasons that president obama had, at the top of his short list, the former republican senator, still a republican, chuck hagel of nebraska. he's somebody who's talked about the pentagon as being bloated, had very specific ideas about how to cut it. but mike, sam, the table, we're hearing that that trial balloon has been popped. that senator hagel has a possibility for secretary of defense, has really lost a lot of altitude. and what they discovered was, there's not a natural constituency for him. republicans, as you guys know, have fought with him over the years. he was against the war i
, the massive amount of spending cuts that will kick in at the beginning of the year to harm the pentagon and other agencies. if they are getting anything, there are low expectations but if they get anything it will be a very small deal, something much smaller than they have been talking about for weeks, jon. jon: there aren't too many people these meetings. so a little hard to get an assessment, what is your idea, what is your best, yeah, assessment i guess how things are between some of these leaders? >> reporter: they have gotten pretty tense the last couple of days as they have come back from the christmas holiday. we saw yesterday senate majority leader harry reid basically accusing john boehner of running a deck tate toreship, that was his word in the house of representatives. reid piled on a little bit late yesterday afternoon and senate republican leader mitch mcconnell responded. take a listen. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them two in fact. they're not here. they're not here. john boehner seeps to care more ab
measure delays mandatory pentagon and domestic spenng cuts by two months. as the house convened at midday, a number of republican congressmen complained the bill is still too heavy on tax hikes and too light on spending cuts. ohio's steve la tourette dismissed it as a "package put together by a bunch of sleep- deprived octogenarians on new year's eve." and the alabama representative said the house needs more time. >> the house must postpone this vote until congress and the ameran people have time to study and evaluate this extraordinarily complex legislation and its impact on taxes, revenue, the economy, our debt and a myriad of other issues. >> woodruff: but tennessee democrat steve cohen warned about the consequences of not taking the senate deal. >> my district can't afford to wait a few days and have the stock market go down 300 points tomorrow if we don't get together and do something. >> woodruff: later house democratic leaders emerged from a nearly three-hour meeting with vice president biden, who helped broker the senate deal. minority leader nancy pelosi called for action. >> we
mandatory pentagon and domestic spending cuts by two months. as the house convened at midday a number of republican congressmen complained the bill is still too heavy on tax hikes and too light on spending cuts. ohio's steve la tourette dismissed it as a, quote, package put together by a bunch of sleep-deprived october octogenenarians on new year's eve and the alabama representative said the house needs more time. >> the house must postpone this vote until congress and the american people have time to study and evaluate this extraordinarily complex legislation and its impact on taxes, revenue, the economy our debt and a myriad of other issues. >> woodruff: tennessee democrat steve cohen warned about the consequences of not taking the senate deal. >> my district can't afford to wait a few days and have the stock market go down 300 points tomorrow if we don't ghettoing and do something. >> woodruff: later house democratic leaders emerged from a nearly three-hour meeting with vice president biden who helped broker the senate deal. minority leader nancy pelosi called for action. >> we loo
the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees, if they can't be assured of continued employment. >> reporter: congressman moran says if we go over the cliff, which he thinks we will, then the impact and severity of the automatic defense spending cuts depend how long they are in place into the new year before congress finally fixes this fiscal clif
as part of this, but we do have to have cuts. the pentagon's got to be part of that, and health care, this is where it's tough for the democrats. health care has to be part of this. that's not medicare benefit cuts. there's a lot of things we can do to deal with the high cost of health care in this country that goes up two or three times the rate of inflation, so having prescription drug price negotiations, that would save $160 billion, moving away from fee for service to more of a performance based system, things that we can make progress on that allow the american people to have access to health care but have it be affordable and sustainable but that's tough. >> all of the low hanging fruit is gone. if it were easy to do congress would have done it by now. >> that's right. >> so -- go ahead. >> it's true. the things that lay ahead that are really a challenge, largely is health care because that cost in the whole economy not just medicare is going up faster than we can afford. that's really the bottom line so how do we reform our health care system and bring the cost in line so it's
over its price. but lockheed and the pentagon have come to terms to buy another round of the jets for nearly $4 billion. morgan stanley calls the f-35 the single most important investment debate over lockheed stock. second, cash will be king. as defense spending slows, analysts say many defense companies will reduce share buyback programs and conservative capital. and look to international customers to make up for lost business at home. third, it's a bird, it's a plane, it's big brother. as criticism rises over the use of drone strikes by the obama administration, look to see companies launching drone war at home for deals to build unmanned aircraft for domestic use. the faa says there could be 30,000 uavs in u.s. skies by 2020. the teal group says domestic drones could be worth $89 billion over ten years, as everyone from homeland security to tmz wants permission to use them. >>> let's get some more insight on the defense skprkt how to play it as the fiscal cliff deadline grows closer. howard rubel is with jeffries. great to speak with you. and i guess key to understanding the im
countries to rethink. >> a pentagon report this past summer found that iran's ballistic missiles were becoming more accurate, versatile and more deadly than ever. for years u.s. intelligence officials circled the year 2015. they believe by then iran could test an intercontinental ballistic missile with a range of 3500 miles. >> this gives them the ability it to attack a new european countries, which giving them a degree of political influence in a crisis they might not otherwise have. >> the latest intelligence report from congress was just released in the last few weeks. it reassesses that estimate and concludes iran is not likely to test an icbm in the nix years. >> we're joined by chris lawrence in washington. chris, first of all, why the change? why is that? >> well, suzanne, basically the report says that economic sanctions are making it harder and harder for iran to get the necessary components and materials. it also shows that the iranians are not getting the help they need from russia and china, whose support has be dropping over the past ten years. remember, there's a big dif
resonated around the pentagon. they say they're trying to get to the bottom of this and figure out how this all could have happened. >> and how many children do we think that were involved in this abuse? >> reporter: in this one case, right now, it's a handful, if you will. but what the parents are telling me is, they don't know if that's the entire story because the only videotapes to corroborate this are 30 days' worth of videotapes. the allegation is made on september 26th. the tapes go back one month. and they don't know what might have happened before that. suzanne? >> all right. barbara starr, thank you for following that story. appreciate it. >>> meet a man who has taken a stand on the national debt by trying to pay it off himself. and a choice. h n take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searc
sister that would cut half a bill kwroepb dollars from pentagon spending. the investment community seems to like it, the dow up 219 points. we'll keep and eye on it. >> reporter: the control room a brand-new hour straight ahead for ou. as you saw the markets enjoying the deal hashed out last night, lawmakers steering us away from the fiscal cliff but no shortage of road blocks on the horizon. what it all means, what is next for taxpayers, 77% of whom will see their taxes go up now. some of taxes tied to obama care new portions of the law kicking in on january 1st, a live report on who is paying more and for what. wait until you hear about a brand-new lawsuit that is being filed by a convicted killer who says the beer made me do it. he says the beer makers should have warned him that he'd become addicted and would go on to lead a life of crime. really? all of that and breaking news in the second hour of "happening now" now starts right now. jon: hi noon here on the east coast, there is new fallout from the fiscal cliff deal with tax times ahead. i'm jon scott. jenna: i'm jenna lee. we are
that? and i want to say a word about sequestration. sequestration is about to kick in. the pentagon and our defense department is like a giant oil tanker. you got to turn it around in a very difficult and slow manner, because they have to make plans and they have to have contingencies -- procurement of weapons, have to do all the things that are necessary to make sure our men and women who are serving in the military are the best trained, best equipped and most professional in the world, which they are. but we're looking at sequestration here when the department of defense says it will decimate our adilt -- ability to defend this nation. shouldn't the president of the united states be concerned about that? but what is his own secretary of defense is saying and what his own chairman of the joint chiefs of staff, his selection, is saying. instead, we kind of joke around and tell people they're going to be here fear new year's eve. that's not the way to lead this nation. so i come to the floor and say to my colleagues, we need to get this done. we all know that we need to get this done
Search Results 0 to 13 of about 14 (some duplicates have been removed)

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